GovWire

A series for the GDP deflator in index form is produced by the Treasury from data provided by the Office for National Statistics (ONS) and the Office for Budget Responsibility (OBR). GDP deflator outturn are based on the ONS Quarterly National Accounts release (at the end of each quarter). However, a more recent version of ONS GDP outturn may be used depending on when theOBRupdates its GDP deflator forecasts (usually at Budget and Autumn Statement).

Outturn data covering the years 1955-56 to 2023-24 (1955 to 2023) are based on the Quarterly National Accounts, 30 September 2024.

Forecasts covering periods 2023-24 to 2028-29 (2024 to 2028) are from the OBR as at the Spring Budget 6 March 2024.

GDP deflators for financial years 1955-56 to 2023-24 have been taken directly from ONS series L8GG. GDP deflators for calendar years 1955 to 2023 have been taken from ONS series MNF2. Non-seasonally adjusted money GDP for calendar and financial years are taken from ONS series BKTL. For financial years only, seasonally adjusted money GDP series YBHA has also been included.

The next GDP deflator update will be shortly after the Autumn Budget of 30 October 2024.